New York § 490-A Creation of fund

New York Statutes

§ 490-A — Creation of fund

New York § 490-A

Law BNKBanking

Art. 11-ACredit Union Insurance Fund

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Bluebook

N.Y. Banking § 490-A (2026).

Text

  § 490-a. Creation of fund. Any fifty or more credit unions organized\nunder the provisions of this chapter whose share liabilities aggregate\nnot less than fifty per centum of the total share liabilities of all\ncredit unions so organized may enter into an agreement, subject to the\napproval of the superintendent, to create a fund and from time to time\nmake contributions thereto in accordance with the terms of such\nagreement, for the purpose of insuring the shares of such credit unions\nas shall become parties to such agreement; provided, however, that the\nshares so insured of any one holder in any one credit union shall not\nexceed two thousand dollars. Such an agreement once entered into may be\ncontinued, notwithstanding the fact that any number of associations may\ncease to be par

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§ 490-a. Creation of fund. Any fifty or more credit unions organized\nunder the provisions of this chapter whose share liabilities aggregate\nnot less than fifty per centum of the total share liabilities of all\ncredit unions so organized may enter into an agreement, subject to the\napproval of the superintendent, to create a fund and from time to time\nmake contributions thereto in accordance with the terms of such\nagreement, for the purpose of insuring the shares of such credit unions\nas shall become parties to such agreement; provided, however, that the\nshares so insured of any one holder in any one credit union shall not\nexceed two thousand dollars. Such an agreement once entered into may be\ncontinued, notwithstanding the fact that any number of associations may\ncease to be parties thereto.\n